Analysis: Four Reasons for Goblintown’s Peak Trading Volume and Its Future Development
The Most Popular NFT Project Recently
Key Insights:
- Goblintown was released on May 19th this year. It is free when minting and only needs to pay gas fees.
- Goblintown consists of 10,000 goblins with different shapes and has 193 different traits, all of which have a different rarity.
- Goblintown has no roadmap, Discord, or utility, and does not make any commitment to future development.
- Goblintown adopts the CC0 protocol, which means that all copyrights of NFT are open to the public. But at the same time, all secondary transaction project parties have to charge a 7.5% royalty. Goblintown accrued a staging $3.1 million in royalties in less than a month.
- Goblintown is suspected of being associated with Yuga Labs, which is one of the driving forces for its value. But its value consensus also comes from the popular Goblin culture and the “rebellion” against the cryptocurrency market and NFT.
Blue Nose, eyes of different sizes, incomplete pointed ears…This is the most popular NFT project recently. The avatar on goblintown’s official Twitter @goblintownwtf.
In this era, teams want to make investors understand their vision, route, and future as much as possible.
The purpose is to build consensus with investors and expand the community, so as to promote the development of the project.
But goblintown is different. In addition to its weird avatar, its Twitter profile and posts are also made up of garbled code. It looks like goblin language, not a word that humans can simply interpret.
At the same time, its official website also clearly states that “no roadmap. no Discord. no utility. CC0” is an unimaginable situation for every investor who wants to know more about the project party.
Without a road map, there is no way to know what will happen next.
Without discord, there is no way to reach out to the owners behind the project.
Without a utility, you can’t predict the support and services you’ll get.
Goblintown, like Goblin from different worlds, suddenly appeared and overwhelmed, and then carried out activities incompatible with the human world with arrogant and disordered thinking. But very charming.
So, Goblintown has become the most popular NFT project recently.
Since its launch on May 19th, the value of Goblintown has experienced ups and downs. From the change in its market value, it can be seen that after about 10 days of fervent market growth, the market value of Goblintown reached its peak on June 1st.
Although the current market value trend has entered a declining range, its floor price has also remained at about 5.69 ETH, more than 20 times higher than the floor price when it just entered the secondary market.
How Goblintown went from obscurity to popularity is worth discussing, especially when the NFT market is experiencing lows.
This week it also launched a derivative project, McGoblin Burgers — everyone who owns goblintown can receive a burger with six ingredients. It also brings new excitement and a lower entry threshold to those who do not know what the goblintown is.
How did goblintown get to the top?
Compared with BAYC and CryptoPunks, which have occupied the top of the OpenSea trading list for a long time, Goblintown is neither good-looking nor has a road map for commercialization, and even does not need minting costs.
However, Goblintown surpassed these top NFT projects and blue-chip NFT projects on June 1 and reached the top 1 of OpenSea in terms of the trading volume.
Everyone on social media is saying, “why is Goblintown so bullish?” “Why didn’t I buy goblin at 0.266 ETH earlier?”
There are several reasons for the hype of Goblintown:
Influencer driven effects
Not only ordinary people on social media but also Influencers in the field of crypto expressed their love for Goblintown.
Kristy Tillman, product design director of Netflix, tweeted about Goblintown as follows. She tweeted on May 26. At that time, Goblintown was not very famous. Kristy’s prediction proved to be correct.
With the help of celebrities, people’s curiosity about goblintown was aroused.
Gary Vaynerchuk, an investor in Coinbase, tweeted that he is “So pumped for the goblins”.
The above two examples are both positive, but some influencers hold different views on goblintown.
Although goblintown uses goblin language to publish content on the Twitter home page, it does not affect that it uses inaccurate language to imply that its project has an influential supporter.
Shortly after all 9,000 goblintown were sold out, goblintown holders put the image of one goblintown together with the image of beeple. This move makes people discover another value of goblintown. In addition to providing projects that are not controlled, goblintown also provides PFP value associated with celebrities.
But soon, beeple made a clarification on his personal Twitter to put an end to the gossip surrounding his relationship with goblintown.
However, the clarification of beeple and the negative attitude towards goblintown are not important. FOMO has been formed — people thought that goblintown must be unusual to be associated with so many celebrities.
Associated with hot projects
For example, MAYC and OtherSide can gain trust through the success of BAYC and become blue-chip projects. New projects launched by high-quality NFT project providers often attract people.
However, goblintown does not disclose any information, so how does it relate to hot projects and hot project parties?
Out of curiosity, many people discovered that Yuga Labs, the parent company of BAYC, may be the driving force behind this project. This speculation comes from a Yuga Labs publicity document leaked in March 2022. The picture shows the company’s expectation of revenue sources, in which 1% of revenue in 2022 comes from “goblins (s)”.
There is no evidence of a direct correlation between the two, but such information is enough for the community to reach a consensus.
Rebellious Spirit
Goblintown’s name may come from the song “down, down to Goblin town” in The Hobbit. This song has been used to describe the continuous downward trend of the market in the cryptocurrency area, and is synonymous with the “bear market.”
This coincides with the sharp decline of bitcoin and the overall downturn of the cryptocurrency market in early May. So some people say goblintown is a rebellion against the depressed cryptocurrency market and NFT market at this stage.
And in its official website address https://goblintown.wtf/, the extension is wtf, which is also full of obvious irony.
When the market is depressed, these goblins emerge from greed. When people are constantly chasing new meanings and systematic packaging, goblintown neither depicts the vision nor makes any commitment.
On the official website, goblintown provides two simulated SMS conversations between goblin named “garf” and “urki”, and a note says “don’t be greedy @#king, that’s how we came here.”
Driven by popular culture
Out of the circle of cryptocurrency, goblintown is now closely related to goblincore, one of the popular subcultures in the real world.
On Instagram, the #goblincore hashtag has generated more than 500,000 posts.
Forests, mushrooms, ragged clothes, and sloppy looks, these goblincore have become a better way for people to face the present.
Because of the impact of the COVID-19, people’s living environment is getting worse and worse. Therefore, goblincore, a lifestyle symbolizing nature, low material desire, and freedom, has become popular.
In essence, the spirit of goblincore in popular culture is also consistent with goblintown, which challenges the crypto bear market. Therefore, in this context, goblintown also has more universal values.
Future development of goblintown
Although goblintown has not announced its plan and roadmap, we can also see from its official Twitter home page that its short-term goal is to “turn over” all blue-chip projects in the market.
On the other hand, goblintown also launched its own new airdrop project — McGoblin Burgers. It seems that goblintown is not only a FOMO and satirical project but also has a lot of value and ecological growth space, even if it does not make relevant commitments.
McGoblin Burgers is similar to MAYC derived from BAYC. All those who hold goblintown can obtain the minting right of a McGoblin Burgers for free, and each McGoblin Burgers has at most 6 different ingredients, such as French fries, swill, and meat.
At present, we cannot judge the value of McGoblin Burgers, but this undoubtedly gives goblintown investors’ expectations for higher returns in the future. Will these incomprehensible goblin bring us a new revolution or a false carnival? For investors and the market, it seems that it will take time to see.
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